Conducting market research on your idea before start up, or on a new market or product launch is absolutely vital. The majority of businesses fail in the first year, and one of the primary reasons for this is business starting without having properly researched their market.
Market research includes using ‘secondary’ information, which is information that already exists and can be provided by reliable sources e.g. CSO, Bord Failte, etc. Where necessary, it also uses ‘primary’ research, which is new information which is generated through focus groups, questionnaires, test markets etc.
Micromarketing generates this information, and then uses it to develop:
- Market Analysis
- SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats)
- PEST Analysis (Political, Economic, Social and Technical)
- Competitor Analysis
- Customer Analysis
This information and analysis is used to build a picture of the market size, available niches, competitors strategies, market effects etc.
The information is then used to segment the market, position your company in that market and then target your customers.
Case Study:
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